Ferrovial Services and Renault have inked an agreement to create Zity, a car sharing service in Madrid.

The project will start with an initial fleet of 500 electric vehicles located within the M-30 beltway and some adjoining areas.

The new car-sharing service using Zoe models in Madrid combines Ferrovial Services' capacities in the area of municipal operations and environmentally-friendly solutions, with Renault's experience with electric cars.

Renault says Zoe is currently the only mass-market electric car on the market to offer an NEDC (New European Drive Cycle) range of 400km, equivalent to about 300km in real-world conditions.

Ferrovial is an infrastructure operator and municipal services company with 97,000 employees and operating in more than 20 countries.

Its main business areas are toll roads, services, construction and airports.

Renault says it is the European market leader for both electric cars and vans, with one in four EVs sold in Europe, a Renault.

The automaker also maintains it is the only manufacturer to offer a full range of EVs; the Zoe, Twizy and Kangoo ZE to cover a wide variety of uses.